TOPIC 4: What practical solutions can help students manage their finances effectively while pursuing higher education

Why do so many students having trouble with saving money despite knowing it is important? That’s a common struggle faced by many students nowadays. When they’re introduced to the freedom on handling their own money, they will feel the real pressure throughout the process. Poor money management will lead to students find themselves overspending, dealing with high cost of living and impulse buying.

When students live with their parents, they usually have a certain lifestyle where most of their needs are covered. But once they enter university life, they are forced to learn how to be more disciplined with money and control their spending. In order to manage this is by creating a simple budget plan. This way, it’s easier for students to keep up with their monthly spending and avoid overspending. If they still want to maintain the same lifestyle they had before becoming a student, they are recommended to get a part-time job.

In addition, most of the students’ study in the city have to deal with much higher cost of living. It is hard to save money when almost everything is expensive, such as rent, food, transportation and more. The cost of living is expensive especially for the students with limited income. In handling this matter, students are suggested to look out for students’ discount, free events and affordable meal plans around campus. Many shops and services offer students rates. For example, there’s a lot of food branch that gives out student meal at student rates, such as other ShopeeFood and FoodPanda where you can claim student voucher code like “STUDENTMEAL”. Other than that, there’s also student internet plans that is useful for students, such as U Mobile, Digi and Celcom offer extra data with cheaper monthly rates. By fully utilizing these student friendly offers, students can decrease their daily expenses and manage the high cost of living efficiently.

Last but not least, when students feel stressed or under pressure, they tend to spend on unnecessary things. Students tend to make impulsive purchases to release stress. This emotional spending makes it even harder for students to keep up with their finances properly. Instead of spending, students should rethink their decision before purchase unnecessary things. They need to ask themselves if the item is something they need or is it just a temporary comfort. They can try healthier way to cope with stress, such as exercising, joining university club, or simply getting enough rest over the weekend. Students need to learn how to handle their emotion in healthier ways to avoid financial problem in the future.

In conclusion, the greatest challenge students face is managing their money, especially when shifting to independent living in the university. Many of them would spend more than they can afford due to lifestyle changes, high living expenses, or emotional habits such as impulse buying. Without proper handling, these concerns could lead to financial stress. Thus, even small steps made consistently by students would go a long way in forming better money habits. Examples include budgeting, looking for student deals, and learning healthier ways to cope with stress.